Internal Audit at the Central Bank of the Republic of Kosovo

Internal Audit (IA) is a key function assisting the Central Bank of Kosovo to ensure accountability and improve internal controls. It provides confidence in the soundness and effectiveness of financial and administrative processes. With an independent approach to conducting audits, IA provides reasonable assurance to the Central Bank Board, the Audit Committee and the Executive Board regarding the effectiveness of the design and operation of internal control mechanisms..

Chief Internal Auditor

The Role and Responsibilities of Internal Audit

Internal Audit plays an important role in assisting the management and Board of the Central Bank to effectively meet their objectives. The function encompasses all organizational units of the CBK, including those contracted to perform its activities.

The main types of engagements

Compliance Audits

Ensuring compliance with legal frameworks, policies and procedures.

Financial Audits

Assessing the accuracy of financial records, financial statements, assets and budget.

Performance Audits

Assessing the effectiveness, efficiency and cost-effectiveness of operations.

Information Technology Audits

Reviewing IT infrastructure and applications.

Business Audits (non-IT)

Analysis of other business functions and processes.

Integrated Audits

Evaluation of functions/processes along with the applications supporting them.

Assurance Audits

Planned on an annual basis to ensure compliance with standards.

Advisory Services

Upon request of management or unit heads.

Specific Audits

Specific requests from the Central Bank Board, Audit Committee, Governor or Head of Internal Audit.

Structure and Reporting

The Head of Internal Audit leads the IA function and reports directly to the Audit Committee and the Board of the Central Bank of the Republic of Kosovo, thus increasing transparency and accountability in the institution. His/her competencies and responsibilities are determined by the Law on the Central Bank, the Statute of Internal Audit and other relevant documents.

Internal Audit Organization